South Korea’s Daegu Bank to open branch in HCM City
(VOVWORLD) - South Korea’s Daegu Bank is preparing to open a branch in Ho Chi Minh City after getting the green light from the State Bank of Vietnam (SBV).
 (Photo: dgb.co.kr) |
Last week, the SBV approved in principle the establishment of the bank’s HCM City branch. Korean investment in Vietnam has expanded over the years with a rise of 37 percent annually, making South Korea the largest foreign investor in Vietnam, at 80 billion USD as of the end of last month.
The Korea Trade and Investment Promotion Agency (KOTRA) forecast that the wave of Korean investment in Vietnam is continuing as Korean firms have high hopes for Vietnam’s growth potential and highly evaluate the skills and diligence of its workers.
Vietnam currently houses nine foreign-owned banks, about 100 foreign bank branches along with representative offices of foreign credit institutions, and many foreign-owned finance companies.